DHFL-Yes Bank case: CBI arrests businessman Avinash Bhosale
Avinash Bhonsle is the founder of Avinash Bhosale Infrastructure Limited (ABIL) Group in Pune. The probe agency suspects that illicit funds were routed through several real estate companies based in Maharashtra.
The Central Bureau of Investigation on Thursday arrested businessman Avinash Bhosale in the DHFL-Yes Bank case. The arrested businessman is known to be close to top politicians in Maharashtra. He will be produced before the court on Friday.
The arrest comes nearly a month after the probe agency had conducted raids on the premises of Bhosale and two other builders Vinod Goenka and Shahid Balwa in Pune and Mumbai in connection with the cheating case related to the Yes Bank and the Dewan Housing Finance Limited (DHFL) scam case.
Avinash Bhonsle is the founder of Avinash Bhosale Infrastructure Limited (ABIL) Group in Pune. The probe agency suspects that illicit funds were routed through several real estate companies based in Maharashtra. His daughter Swapnali Kadam is the wife of Maharashtra minister Vishwajeet Kadam.
Earlier in August last year the Enforcement Directorate had provisionally attached immovable assets worth ₹4 Crore of ARA Properties, which is linked to Avinash Bhosale.
The anti-money laundering agency had attached the property under the provisions of Prevention of Money Laundering Act, 2002. The attached property was the land, where Corporate Office(s) of ABIL (Avinash Bhosale Infrastructure Ltd) and its other group companies are situated. Bhosale is the promoter of the ABIL group companies.
ED's money laundering case against Bhosale is based on the FIR registered by Pune Police. The FIR had alleged that the land situated at Plot No 2, Yashwant Ghadge Nagar Cooperative Housing Society, Range Hill Corner, Ganesh khind Road, Pune, MH 411007 was transferred by Ranjit Mohite to ARA Properties.
Bhosale has been arrested in a 2020 case against Yes Bank founder Rana Kapoor and Kapil Vadhawan of DHFL. According to the agency, Kapoor allegedly entered into a criminal conspiracy with Wadhawan to extend financial assistance to DHFL through Yes Bank in return for substantial undue benefits to himself and his family members via companies owned by them.
Meanwhile, in the DHFL-Yes Bank case, the CBI alleged that the scam unfolded between April and June 2018 when Yes Bank invested ₹3,700 crores in short-term debentures of scam-hit DHFL. Wadhawan allegedly paid kickback of ₹600 crore to Kapoor and his family members through a loan to DoIT Urban ventures, the firm held by Kapoor's three daughters Roshni, Radha and Rakhee who are 100 per cent share holders of the company through Mogran Credits Pvt Ltd.
The loan of ₹600 crore was sanctioned by DHFL to DoIT Urban Ventures (India) Pvt Ltd on the basis of mortgage of sub-standard properties having very meagre value and by considering its future conversation from agricultural land to residential land, the agency has alleged.
(With inputs from PTI)